Limited soybean meal production combined with rising costs, factories' willingness to maintain prices has strengthened, and quotes have slightly increased.

Due to the strength of international crude oil futures and market concerns that rainfall in the U.S. Midwest may slow soybean planting progress, CBOT soybean futures benchmark contracts closed up by 1.1%, hitting a one-month high. Recently, although the import volume of soybeans has been increasing, the limited soybean meal production due to lower-than-expected crushing volume at factories has kept soybean meal inventories low. Additionally, downstream feed and breeding companies increased their stockpiling demand before the May Day holiday, maintaining low soybean meal inventories. Coupled with the rising cost of imported soybeans following the increase in U.S. soybean prices, factories’ willingness to hold prices has strengthened. Both factories and traders have slightly raised their quotes, but the increase is limited. (Feed Industry Information Network)